(The following statement was released by the rating agency)
SINGAPORE/MUMBAI, March 21 (Fitch) Fitch Ratings has assigned
Bank Ltd's (IDBI Bank; BBB-/Stable) USD300m senior unsecured
notes due September
2019 a final rating of 'BBB-'.
This follows the completion of the securities issue and the
receipt of final
documents conforming to information previously received. The
final rating is the
same as the expected rating assigned on 19 March 2014.
The notes, issued by the bank's Dubai branch, will be listed on
KEY RATING DRIVERS
The senior unsecured instruments are rated at the same level as
Issuer Default Rating (IDR) because they will constitute direct,
unsubordinated and unsecured obligations of IDBI Bank. The
securities will rank
pari passu among themselves and with all other unsecured
obligations (other than
subordinated obligations) of the bank.
IDBI Bank's IDR is driven by its Support Rating Floor of 'BBB-',
which is higher
than its Viability Rating of 'bb', and reflects Fitch's
expectation that the
government of India would continue to have a high propensity to
to the bank, should there be a need.
A change in IDBI Bank's IDR will have an impact on the
securities' rating. A
change in the IDR would be sensitive to a reassessment of the
support or a change in the sovereign rating.
IDBI Bank's other ratings are as follows:
Long-Term IDR 'BBB-'; Outlook Stable
Short-Term IDR 'F3'
Viability Rating 'bb'
Support Rating '2'
Support Rating Floor 'BBB-'
USD5bn medium-term note programme 'BBB-'
SGD250m senior unsecured notes 'BBB-'
CNY650m senior unsecured notes 'BBB-'
CHF110m senior unsecured notes 'BBB-'
USD1.35bn senior unsecured notes 'BBB-'
For more details on IDBI Bank's ratings and credit profile, see
Rating Action on Indian Banks", dated 23 September 2013 and
"Fitch Rates IDBI
Bank's MTN Programme and Senior Debt 'BBB-'", dated 16 December
+65 6796 7218
Fitch Ratings Singapore Pte Ltd.
6 Temasek Boulevard
#35-04/05 Suntec Tower 4
+91 22 4000 1741
Media Relations: Bindu Menon, Mumbai, Tel: +91 22 4000 1727,
firstname.lastname@example.org; Leslie Tan, Singapore, Tel: +65 67
96 7234, Email:
Additional information is available on www.fitchratings.com
Applicable criteria, "Global Financial Institutions Rating
Criteria", dated 31
January 2014, are available at www.fitchratings.com.
Applicable Criteria and Related Research:
Global Financial Institutions Rating Criteria
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND
PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS
here. IN ADDITION,
ON THE AGENCY'S
PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS,
METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S
CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE
AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE
FROM THE 'CODE OF
CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER
SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES.
DETAILS OF THIS
SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN
ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER
ON THE FITCH